Nasdaq Grants Borqs Technologies Another 180 Days to Regain $1 Bid Price Compliance

Rhea-AI Summary

Borqs Technologies, Inc. (Nasdaq: BRQS) has received a notice from Nasdaq confirming eligibility for an additional 180 days to comply with the $1 bid price requirement until August 15, 2022. The company intends to address this deficiency, potentially through a reverse stock split. To regain compliance, Borqs must maintain a closing bid price of at least $1 for 10 consecutive business days during this period.

Positive

• Eligible for an additional 180 days to regain compliance with Nasdaq's $1 bid price requirement.
• Potential reverse stock split indicated as a strategy for compliance.

Negative

• Currently not in compliance with Nasdaq's minimum bid price requirement.

SANTA CLARA, Calif., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions, and innovative clean energy, announces that Nasdaq Listing Qualifications has provided written notice dated February 15, 2022, that the Company is eligible for another 180 calendar day period, or until August 15, 2022, to regain compliance with Nasdaq’s minimum $1 bid price requirement. The Company has provided written notice, as required by Nasdaq, of our intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. Compliance can be attained during this additional time period if the closing bid price of the Company’s security is at least $1 per share for a minimum of 10 consecutive business days.

Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
sandra.dou@borqs.net
www.borqs.com

FAQ

What is Borqs Technologies' current status with Nasdaq regarding compliance?

Borqs Technologies is currently not in compliance with Nasdaq's minimum bid price requirement but has been given an additional 180 days until August 15, 2022, to regain compliance.

What steps is Borqs Technologies planning to take to regain Nasdaq compliance?

Borqs Technologies intends to potentially implement a reverse stock split to cure the deficiency in meeting the $1 bid price requirement.

What is the deadline for Borqs Technologies to meet Nasdaq's compliance requirement?

The deadline for Borqs Technologies to meet Nasdaq's compliance requirement is August 15, 2022.

What is the significance of the reverse stock split for Borqs Technologies?

The reverse stock split may help Borqs Technologies increase its share price to meet Nasdaq's minimum $1 bid price requirement.